- Arbitrum token price has moved sideways in the past few days.
- The number of unique active addresses in Arbitrum has jumped to 5.7M.
- The network activity has been vibrant, with DeFi TVL hitting $3.69B.
Arbitrum price has come under pressure even the network activity continued doing well. The ARB token was trading at $1.40 on Thursday, where it has been in the past few days. This price has crashed by more than 22% from the highest point this year.
Network activity improving
Arbitrum is one of the fastest-growing layer-2 blockchains in the world. Like Polygoo, the network makes it possible for developers to supercharge their Ethereum applications. It does this by operating as a sidechain, which handles transactions away from Ethereum while maintaining its security.
Arbitrum has been embraced by some of the leading developers in the world, including GMX, Radiant, Uniswap, Aave, and Sushi among others. These platforms provide it as an alternative to their main Ethereum network.
Arbitrum is doing well in the DeFi industry, with its total value locked (TVL) surging to over $3.9 billion. This makes it the fourth-biggest blockchain in the world after Ethereum, BNB Chain, and Tron. It has even passed Polygon, which was the biggest blockchain in the world.
Data compiled by Arbscan shows that the number of accounts in the network have been growing in the past few months. As shown below, the number of accounts now stands at over 5.723 million. On April 26, the daily increase was over 53,000.
The number of daily transactions has also jumped sharply in the past few months. While it remains below the year-to-date high of 2.733 million, the current figure of 1.22 million is higher than the YTD low of 159,200. This happened as Arbitrum’s utility in the blockchain industry continued rising.
Arbitrum price technical analysis
The ARB token soared to a high of $1.814 on April 18 as Bitcoin surged to the highest point in more than 7 months. It has now plunged by more than 22% as demand wanes and as some investors take profits. The currrent price is slightly below the highest point on March 31st.
The token is now attempting to move above the key resistance point at $1.5010, the highest point this week. It has also moved slightly above the 25-period moving average. Therefore, I suspect that the Arbitrum price will continue rising as buyers target the next key resistance at $1.8147, the highest point on April 18. This price is about 26% above the current level.
